does this look right for market cap of $5m???

PRW disappointed terribly with their Lindemans Bore fiasco mid last year and SP slid from high teens to 3 - 4 cents level as a consequence. However their main game has always been their Barnes Hill nickel deposit and they recently advised:

"Metals Finance (their j/v partner at Barnes Hill) has now completed a review and remodelling of the June 2008 scoping study and, based on key conceptual assumptions , presented in the following table, the project appears to remain financially robust.


*Note - the above model is based on conceptual resource factors which are considered to be achievable for the project and are being used to establish target parameters for the ongoing study..."

So while we're not talking Pilbara quantities here, what do people think of these numbers if the project proceeds on the basis modelled?

PRW market cap looks awfully low for NPV of $165m and would appreciate comments even if a reality check.